Yes, looking at the count it reveals that it can more retrace downwards....labels are marked for purely educational purposes.
Nota
Unfolding into a WXY where in the w and x are done even the a leg of y is seems done but a threshold of 23221 may confirm the completion of wave of (a) of Y leg.
Nota
It took note of our counts
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now downmove expected till 23423
Nota
now (b) seems completed will not be surprised if we open gap down of 2-3 hundreds points
Chart PatternsniftytrendWave Analysis

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